Another week. Another NFIP extension.
It is a busy month for flood insurance. The NFIP was extended one week from 11/30/18 to 12/7/18, before yet another two week extension was passed through 12/21/18. This is the 8th such extension in 2018 alone. As Richard Andreano of Ballard Spahr so aptly put it, “Perhaps Congress is hoping that someone will come down the chimney and deliver a long-term, sensible reform of the Program.” Do you still believe?
What it means for Brokers & Insureds
Danielle Ling of PropertyCasualty360 posted an article in the interim that summarizes the importance of such a reform for producers and insureds and why the Senate has delayed action.
But there is Good News from FEMA!
FEMA has made it easier than ever to move an insured from an NFIP policy to a private flood policy with better pricing and broader coverage like those available at lowestcostfloodinsurance.com. They once again return premium on mid-term cancellations of NFIP policies when replaced by a private market policy. And because our flood insurance policies are accepted by virtually all lenders, you can now easliy upgrade clients to the private market at any time